Amid ongoing buyout overtures from Paris-based Sanofi-Aventis, Genzyme announced Monday that it reached an agreement to sell its genetic testing business, Genzyme Genetics, to Laboratory Corporation of America Holdings (LabCorp) for $925 million in cash.
Longtime Genzyme counsel Ropes & Gray advised the Cambridge, Mass.-based company on the deal, with Boston-based M&A partner Chris Comeau leading that firm’s team. Other Ropes lawyers on the deal included corporate partner Paul Kinsella; IP partner David McIntosh; tax and benefits partner Eric Elfman; labor and employment partner Diane Patrick; debt finance partner Tom Draper; and real estate partners Walter McCabe and Peter Alpert in Boston. Antitrust partners Mark Popofsky and Mike McFalls also worked on the deal from Washington, D.C.
